"After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc.," said Time Warner CEO Jeff Bewkes in a statement about the move.

"A complete spinoff of Time Inc. provides strategic clarity for Time Warner Inc., enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile."

Time Inc. CEO Laura Lang doesn't plan on staying around for the change but will help to choose a successor, noted the press release from Bewkes, who stated that Lang "has been a great partner who has given Time Inc. forward momentum to make this transition possible, and I look forward to working with her to select the right leader to head the company as an independent entity."

Prior to the announcement, Time Inc. had been in talks to sell some women's magazine titles to Meredith, wrote the New York Times, but the talks are now over for the time being.

Meredith wasn't interested in buying iconic magazines Fortune, Sports Illustrated, Fortune, and Money, added the Times, titles that continue to struggle, and which Time Warner appeared eager to shed.